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The Howard Hughes Corporation Reports Fourth Quarter And Full Year 2012 Results

The Howard Hughes Corporation achieved important milestones and accomplishments for 2012 within each of its business segments. Master planned community land sales increased $30.1 million to $180.4 million on a “same property” basis for the year ended December 31, 2012, a 20.0% increase over 2011. Net operating income from our income-producing operating assets increased by $6.4 million to $62.0 million for 2012 compared to 2011. The increase is net of a $(3.4) million fourth quarter 2012 NOI loss at the South Street Seaport due to Superstorm Sandy, compared to $2.2 million of NOI in fourth quarter 2011. We also completed the lease amendment with the City of New York to permit the redevelopment of Pier 17 at South Street Seaport. The Landmarks Commission and City Planning Commission each unanimously approved our redevelopment plans.

At Ward Centers, we announced our vision for the redevelopment of the 60-acre property into a world-class urban master planned community called Ward Village, and also entered into leases with major tenants which will add approximately $3.0 million of incremental annual NOI to the property by early 2014. For more information regarding the Ward Village development, please visit www.avisionforward.com. In early 2013, we intend to begin redevelopment on Riverwalk Marketplace to transform it into the first upscale outlet center in the U.S. located in an urban location.

Several development projects are underway or are expected to be launched in 2013. ONE Ala Moana condominium project sold out after 29 hours of public sales and should begin development in the first half of 2013. The 380-unit apartment project at the Columbia Town Center, which we are developing with local partners, began construction in February 2013. We have 427,000 square feet of Class A office space under construction at The Woodlands with a 2013 delivery date; and our Millennium Woodlands Phase II joint venture at The Woodlands began construction on a 314-unit apartment building in 2012. We are also pre-leasing The Shops at Summerlin now that we have obtained commitments from Macy’s and Dillard’s for 180,000 and 200,000 square feet, respectively, created a catalyst for leasing the remainder of the 1.5 million square foot mixed use project.

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